Michel Combes has resigned as CEO of Altice after a turbulent week on the stock market that has led to an organisational restructure and the return of the company founder as President.
The former Alcatel-Lucent CEO (pictured) joined Altice as COO in September 2015 and was made CEO last June.
However, he left the business, which spans Europe and the US, yesterday (9 November) after the stock lost a third of its value in the last week.
This followed the company’s latest financial results that saw sales and EBITDA fall in France and Portugal, two of key markets in which it operates, in the three months to 30 September.
According to Bloomberg, investors were also worried whether Altice could produce cash quickly enough to manage its debts.
Following Combes’ resignation, Altice founder Drahi has been appointed as President of Altice in a wider reshuffle.
This sees Dexter Goei return as CEO after he was moved to head up Altice’s US operations last year.
Altice CFO Dennis Okhuijsen has been given a new role as CEO of Altice Europe, while Armando Pereira has been appointed as COO of Altice Telecom - another new position.
Alain Weill, Head of Altice’s Media activities, has been made Chairman and CEO of French opco SFR although he will also continue to run the media division.
It has been a turbulent period for SFR with Chief Executive Michel Paulin leaving the operator for personal reasons in September.
Altice said the restructure was “designed to better implement its strategy, create clearer accountability amongst management and improve the operational and financial performance of the business”.
Commenting on the departure of Combes, Drahi said: “Michel has been an important part of the Altice story when he first joined the Board of Altice.
“He provided key support and judgment as we developed our expansion strategy.
“As CEO, Michel critically created the group structure to operate a transatlantic communications business while driving key technology, research and innovation initiatives, which will serve Altice for the future.
“I would like to personally thank him for his contribution, integrity, loyalty and friendship.”